Cash Converters Personal Loan

Borrow from $400 to $2,000 with loan terms up to 12 months. Loan features fast applications but high fees and charges apply.

This Cash Converters personal loan offers terms of up to 12 months and has a 20% establishment fee + 4% monthly fee. It also offers quick applications both in store and online, with turnaround times of 24-48 hours. A dishonour fee of $33 can apply if you fail to make your repayments. Casual employees, Centrelink recipients and bad credit applicants are accepted


Maximum loan amount

Within 48 hours

Turnaround time


Fortnightly repayment
for $1,500 loan

up to 12 months

Term of loan

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Product NameCash Converters Personal Loan
Minimum loan amount$400
Maximum loan amount$2,000
Arrears Fee$33
Loan termup to 12 months
Turnaround timeWithin 48 hours
Costs20% establishment fee + 4% monthly fee
RequirementsYou must be over 18 and have a steady income of at least $300 per week
Available to Centrelink Borrowers?Yes

Are you struggling financially?

If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

Features of the Cash Converters Personal Loan

  • Fast application. Applications have a turnaround time of 24-48 hours.
  • Loan amount. This loan offers amounts between $400 and $2,000.
  • Quick turnaround. If your application is approved, the funds will be available in your account during the next business day.
  • Repayments. Repayment terms vary depending on your individual loan contract, with periods of up to 12 months available.

What are the risks of payday loans?

  • Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
  • Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
  • Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
  • Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.

What fees apply?

Cash Converters Personal Loans charge a 20% establishment fee + 4% monthly fee. The longer you take to repay the loan, the more you'll end up paying in monthly fees. If you fail to make your repayments on time, a dishonour fee of $33 applies. There are no additional daily fees and no rescheduling fees.

Cash Converters Personal Loan eligibility requirements

Each loan application is subject to lending criteria and is assessed by a Cash Converters representative. Some key eligibility factors to consider include:

  • Age: Applicants must be at least 18 years of age.
  • Residency status:This loan is only available to residents of Australia.
  • If you receive Centrelink payments:You can apply if you receive Centrelink payments, but what you borrow may be limited so that your repayments in any period do not exceed 20% of your gross income. This includes repayments to other lenders, as well as the new loan you're applying for from Cash Converters.
  • If you're in a Part 9 Debt Agreement: You aren't eligible for a Cash Converters Personal Loan. However, if you have been successfully discharged from a Part 9 Debt Agreement you are able to apply.
  • If you have bad credit:Cash Converters will consider your current financial situation when you apply. If they see you will be able to manage your loan, your application will be considered.
  • If you're a casual employee: You need to earn at least $300 per Week to apply for a Cash Converters loan.

How to apply

You can apply for a Cash Converters Personal Loan in-store or online. Have the following on hand to complete your application:

  • Your bank account history for the last 90 days where your income is deposited into
  • A copy of your Medicare card
  • If you receive Centrelink payments, you'll need a current income statement or your myGov login details

Once you've filled out the application form, Cash Converters will check the information and see if you fit their lending criteria. If you're approved, you'll be sent an electronic loan contract. Once that is signed, the approved loan amount will be transferred to you within Within 48 hours.

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    Default Gravatar
    April 3, 2019

    I would like to know why I keep getting declined on my application it’s saying 97% if my income goes to other expenses but Ive just worked my fortnightly pay out n it’s not true at all so don’t know here your getting that from

      Default Gravatar
      April 4, 2019

      Hi Brittany,

      Thanks for getting in touch! There are certain reasons and parameters that each lender follows to approve or reject an application and these parameters are not disclosed to the public. It would be best to contact them directly to know why you’re application was rejected.

      Hope this clarifies!


    Default Gravatar
    November 26, 2018

    What happens if you don’t sign the loan contact?

      Avatarfinder Customer Care
      November 26, 2018

      Hi Steven,

      Thank you for reaching out to finder.

      Definitely, you have a right to decline an approved loan. What you need to do though is to advise the loan provider directly that you wish to cancel the loan contract and not go through with it. Nothing negative will happen but please note that when you applied for the loan, a credit inquiry was done to your credit report. Hope this helps!


    Default Gravatar
    June 18, 2018

    Hi Cash Converters Team,

    Just a quick enquiry with a personal loan that I applied for on Thursday. I haven’t received any feed back accept from the store that I applied through that it had been approved. Its now monday morning, so im just wondering if it did actually get approved. Any help with this matter will be greatly appreciated. Thanks.

      Default Gravatar
      June 18, 2018

      Hi Ray,

      Thanks for contacting finder.

      Sorry to hear about this delay.

      As much as we would like to help you, we are not a representation of this company or anyone we feature on our site. You’d really have to follow up with them on your application.

      Hope this clarifies!


    Default Gravatar
    May 4, 2018

    Hi I was approved a cash converters loan a couple of years ago & I never made my last repayment which since then has now incurred extra fees & has been handed over to a collection agency to obtain my outstanding money owed. Unfortunately at the time due to domestic violence situation I was in a very hard financial position as I have 3 children and had to leave everything that I owned behind and relocate and start life over again. I would like to know if I pay the $150 outstanding debt would I ever be able to get a loan approved from cash converters loans again?

      Default Gravatar
      May 4, 2018

      Hi Debra,

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      We understand your situation and we are glad to know you are able to start over. :)

      Please note that we’re a product comparison website and we do not represent any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.

      You may have to contact the provider directly and arrange a payment plan to clear your debt with them.

      Cash Converters will consider your current financial situation. They are generally more lenient than the banks when it comes to bad credit.

      Hope this helps! Feel free to message us anytime should you have further questions.


    Default Gravatar
    December 16, 2017

    Hi if I have received a contract and agreed does it mean I will be approved

      Avatarfinder Customer Care
      December 22, 2017

      Hi Kylie,

      Thanks for your comment.

      You’ll be sent an electronic loan contract when your approved. Once you’ve signed it, your loan amount will be transferred to you within 24 – 48 hours.

      Kind Regards,

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